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Author Topic: A Q for Bitcoin casino reps. Are your profits affected by high transaction fees?  (Read 296 times)
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December 28, 2017, 05:06:30 AM
 #21

Clearly the answer is yes. High fees do affect a Bitcoin casino's profitability badly, but I am interested in what kind of solutions are you planning to fix it?

Is it enabling Segwit or shifting your business to accept altcoins like Bitcoin Cash?


Bch is not fully recognized to be an altcoin, some say it's just another btc.

No. Bitcoin Cash is an altcoin. They changed the protocol and split from the main chain. Plus do not listen to Roger Ver's propaganda. He is trying to confuse the general public.

AFAIK most bitcoin gambling sites are not yet using segwit (just yolodice, bustadice, betking, ..?) Most are using Bitcoin Core and it's not really ideal to use segwit just yet. But within some months Core 0.16.0 will be released with proper segwit support. I expect most/all bitcoin casinos to enable segwit by that point.

I hope so. Plus I will also try to talk to the reps of those casinos you mentioned and talk about their Segwit implementation.

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If the bigger companies (coinbase, blockchain.info, etc) use segwit too by that time, the fees could seriously go down a bit again (not cents, but lower than now lol.)

I am not that optimistic. The NYA signatories might have their own agenda.

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I am also curious to figure out if/how gambling sites can adopt lightning, but haven't been able to properly test LN myself.

The first services that will have 2nd layer scaling solutions will be the smaller companies because they are more nimble and it is easier to change their infrastructure. The bigger ones like Blockchain.info will have a more difficult time, and that will make them "obsolete" and fail.

Watch out for the next big webwallet, Greenaddress.it. I believe they will be one of the first to have a Lightning payment channel open.


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December 28, 2017, 08:26:06 AM
 #22

Of course, while the big shots of gambling remain unaffected, casual gamblers are giving up bitcoin gambling.
$15-40 transaction fees? Many of us casual gamblers bet this much in a week. This fees is ridiculously high, more and more people are shifting to altcoin gambling.
I am very sure most of casinos will adopt segwit and even lightning soon, this is the only way to  retain casual gamblers on their websites.
Even i stopped gambling on primedice, i miss old days. ETH/LTC gambling is rising now.
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December 28, 2017, 10:47:04 AM
 #23

Primedice is heavily affected. We have always been massive supporters of Bitcoin, not wanting to accept any alts. But these fees are getting ridiculous. We're pretty close to abandoning our original morals and seeing what coins our community would like to see us accept.

Primedice has made donations to numerous individuals working behind projects such as the lightning network.

Lets hope this is sorted sooner rather than later.

On Reddit today one of the developers of LN he manage to get his phone bill paid by using the mainnet lightning network.

There is a video of it somewhere if you search.

Basically it seems like its technology that can work. The payment was instant and almost free. The software can be run on any low end computer. Most likely there will be enough hop to get the transaction to its destination.

However its still very new Alpha or beta software. Could be another year or 2 before it gets mass adoption.

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December 29, 2017, 05:28:48 AM
 #24

But too bad none of the biggest wallet providers are having Segwit enabled. Segwit is a requirement for the Lightning Network to work.

What we should do as a community is to let our voices be heard that we need Segwit to lower the fees. I have been campaigning around the forum for this. I know almost all of you are using Blockchain.info as your "spending wallet". Stop using it and please start using Green Address, https://greenaddress.it/en/.


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December 29, 2017, 08:00:02 AM
 #25

Primedice is heavily affected. We have always been massive supporters of Bitcoin, not wanting to accept any alts. But these fees are getting ridiculous. We're pretty close to abandoning our original morals and seeing what coins our community would like to see us accept.

Primedice has made donations to numerous individuals working behind projects such as the lightning network.

Lets hope this is sorted sooner rather than later.

On Reddit today one of the developers of LN he manage to get his phone bill paid by using the mainnet lightning network.

There is a video of it somewhere if you search.

Basically it seems like its technology that can work. The payment was instant and almost free. The software can be run on any low end computer. Most likely there will be enough hop to get the transaction to its destination.

However its still very new Alpha or beta software. Could be another year or 2 before it gets mass adoption.
I imagine if this innovation would really be applied then these problems we are experiencing as of now will be gone. Would you mind on posting link? I cant search up regarding on that youtube video.
When it comes on bitcoin casinos related to the fees they would really suffer up specially to those who offer free withdrawals considering on the amount of fees and no. of players that do make cash-outs. It would really add up on expenses.


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December 29, 2017, 04:08:29 PM
 #26

Mining fees are affecting more than just casino bottom lines. Its affecting users and the bitcoin network as a whole. Users with balances < 0.01 are paying ridiculous fees in comparison to balances.

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December 30, 2017, 03:19:01 PM
 #27

Transaction fees really suck for as much as I would like to convert my bitcoin I couldn't transafer if to my country's on line wallet because certain cases like transaction fees is more than higher than the amoubt to be transacted. I am so much worried about it because I am losing so much from this I hope transaction fees will be gone or somehow lowered

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December 30, 2017, 05:14:34 PM
 #28

I actually just read a article on Google from coindesk that was saying they are doing tests on lightning network transactions.  It was a cell phone service provider testing it to see how fast people can load prepaid cell phones. From what i read the tests look good and had no high transaction fees. Now granted this is still all test on paper but if it come to fruition then it will be a major welcome to bitcoin.

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December 31, 2017, 03:43:44 AM
 #29

I actually just read a article on Google from coindesk that was saying they are doing tests on lightning network transactions.  It was a cell phone service provider testing it to see how fast people can load prepaid cell phones. From what i read the tests look good and had no high transaction fees. Now granted this is still all test on paper but if it come to fruition then it will be a major welcome to bitcoin.

Yes, that is another reason why the largest Bitcoin service providers should have Segwit enabled. You know the Lightning Network will only work if Segwit was implemented, right?

As you can see, I am trying to convince everyone to convince others on spreading Segwit awareness. But I am only one person. I hope some of you will also join me.

The good places to start campaigning for Segwit would be in gambling because it is very active and also the campaign signatures because payments are always small.


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January 11, 2018, 06:25:11 AM
 #30

Are there more Bitcoin casino sites that use Segwit enabled wallets besides Yolodice, Bustabit and Betking? I have already talked to two of them, I will get some feedback from Betking next.

This is very important because Segwit is the introduction to the Lightning Network. Plus you want cheaper fees? Then help create awareness by asking your favorite casino questions about Segwit and why some of them do have it enabled.


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January 11, 2018, 10:40:38 AM
 #31

Yes it definately affects the casinos profits and some casinos might even lose gamblers unless they move to other alts.

Fortunejack for example is good because they don't charge any withdraws fee. Currently the min withdraw is like 0.002BTC, and sometimes they end up paying 0.003-0.005 BTC withdraw fee themselves.

So basically the withdraw fee costs more than the transaction itself.

Casinos should implement some type of variable fee where if the transaction is small the fee should be as small as possible just as long as it confirms.

If someone withdraws 1BTC then its understandable that paying 0.003BTC is a fair fee.

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Wind_FURY
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January 13, 2018, 03:50:27 AM
 #32

Yes it definately affects the casinos profits and some casinos might even lose gamblers unless they move to other alts.

Fortunejack for example is good because they don't charge any withdraws fee. Currently the min withdraw is like 0.002BTC, and sometimes they end up paying 0.003-0.005 BTC withdraw fee themselves.

So basically the withdraw fee costs more than the transaction itself.

Does Fortunejack use Segwit enabled wallets? Because if they are willing to pay for the withdrawal fees, then having Segwit and batch payments is a must. It will help make it easier for their casino and the Bitcoin blockchain.

Quote
Casinos should implement some type of variable fee where if the transaction is small the fee should be as small as possible just as long as it confirms.

If someone withdraws 1BTC then its understandable that paying 0.003BTC is a fair fee.

I agree. Fee options would be good for the customer. If he or she is willing to wait for hours for a withdrawal to confirm, make it his or her choice to lower the fee.


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actmyname
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January 13, 2018, 05:10:27 AM
 #33

Casinos should implement some type of variable fee where if the transaction is small the fee should be as small as possible just as long as it confirms.

If someone withdraws 1BTC then its understandable that paying 0.003BTC is a fair fee.
Outputs can be bundled together in one transaction in order to save on fees. Meaning you wouldn't really know what the fee is until after a transaction is prepared. This is assuming maximum efficiency on the casino's part.

Additionally, you have to realize that even though it may seem justified to charge a .003 fee on a 1 BTC withdrawal, the amount doesn't really determine the fee. Rather, the size of the transaction which is based on a variety of factors.

If we have just 1 txin and 1 txout, the fee could be something like .0007 for massive withdrawals.

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